Video PlayerClose
BEIJING, Feb. 23 (Xinhua) -- China's insurance regulator on Friday announced a decision to take over Anbang Insurance Group for a year in light of the company's former chief being prosecuted for economic crimes.
The move is taken to maintain normal operation at the company and protect consumers' rights, according to a statement of the China Insurance Regulatory Commission (CIRC).
"Illegal business practices by Anbang Insurance Group may seriously threaten the solvency of the company," said the CIRC in the statement.
